Would there be enough income to pay for good childcare if one parent were to pass away? How about providing money for the cost of raising a child, including clothing, food, healthcare, sports activities, and college tuition?
Most expecting parents have not had time to build up a good nest egg of savings before the birth of their first child, and it is really hard to grow it while raising your children.
Life Insurance provides a large, immediate source of income for your family upon your death, and has a very reasonable price especially at a young age. If you are starting a family you may want to consider a 20 or 30 year term life insurance policy for you and your spouses which would provide adequate protection at an affordable price for a family on a budget.
If you want, you can add your baby to your life insurance policy for about $5/month, and that will ensure that he/she is able to get life insurance for the rest of his/her life, even if he/she would develop an uninsurable health condition later on.
You will probably need to wait until a few weeks after the birth of your child before you can get life insurance on Mom.
Learn more about finding low cost family life insurance protection.